Economy of Dominica

Mother Earth Travel > Country Index > Dominica > Map Economy History

Economy - overview: The economy depends on agriculture and is highly vulnerable to climatic conditions, notably tropical storms. Agriculture, primarily bananas, accounts for 21% of GDP and employs 40% of the labor force. Development of the tourist industry remains difficult because of the rugged coastline, lack of beaches, and the lack of an international airport. Hurricane Luis devastated the country's banana crop in September 1995; tropical storms had wiped out one-quarter of the crop in 1994 as well. The subsequent recovery has been fueled by increases in construction, soap production, and tourist arrivals. The government is attempting to develop an offshore financial industry in order to diversify the island's production base..

GDP: purchasing power parity - $290 million (2000 est.)
GDP - real growth rate: 0.5% (2000 est.)
GDP - per capita: purchasing power parity - $4,000 (2000 est.)
GDP - composition by sector:
agriculture: 21%
industry: 16%
services: 63% (1999 est.)
Inflation rate (consumer prices): 1.1% (1998), 2.5% (2000 est.)
Labor force: 25,000
Labor force - by occupation: agriculture 40%, industry and commerce 32%, services 28%
Unemployment rate: 20% (1999 est.)
Budget:
revenues: $72 million
expenditures: $79.9 million, including capital expenditures of $11.5 million (FY97/98)
Industries: soap, coconut oil, tourism, copra, furniture, cement blocks, shoes
Industrial production growth rate: -10% (1997 est.)
Electricity - production: 62 million kWh (1999)
Electricity - production by source:
fossil fuel:  48.39%
hydro:  51.61%
nuclear:  0%
other:  0% (1999)
Agriculture - products: bananas, citrus, mangoes, root crops, coconuts, cocoa; forest and fishery potential not exploited
Exports: $60.8 million (1998), $60.7 million (2000 est.)
Exports - commodities: bananas, soap, bay oil, vegetables, grapefruit, oranges
Exports - partners: Caricom countries 47%, United Kingdom 36%, United States 7% (1996 est.)
Imports: $120.4 million (1998), $126 million (2000 est.)
Imports - commodities: manufactured goods, machinery and equipment, food, chemicals
Imports - partners: United States 41%, Caricom countries 25%, United Kingdom 13%, Netherlands, Canada (1996 est.)
Debt - external: $108.9 million (1999)
Economic aid - recipient: $24.4 million (1995)
Currency: East Caribbean dollar (XCD)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Dominica > Map Economy History